Shree Pushkar Chemicals & Fertilisers Limited has informed the Exchange about Investor Presentation
SHREE PUSHKAR CHEMICALS & FERTILISERS LIMITED
Q3 FY24 Investor Presentation
www.shreepushkar.com
Unique Zero Waste Company
Management Perspectives & Company Structure
Commenting on the recent performance, Mr.Punit Makharia, Chairman and Managing Director said:
I am pleased to share the financial results for Q3 FY24, indicating our dedication to growth and perseverance despite of the external challenges. I'm pleased to report a 13.7% (YoY) increase in revenue reaching to 175 crores. Our gross profit margin improved 5% YoY. Our EBITDA showed a (YoY) growth of 6%, maintaining stability (QoQ) at Rs. 14 crores initiatives. Profit after tax (PAT) witnessed a underscoring the importance of continued focus on cost management significant YoY increase of 49% to Rs. 8 crores.
In terms of segments, the chemicals division demonstrated robust growth, experiencing a 47% increase in revenue (YoY). However, the fertiliser segment faced challenges, recording a 17% decline in revenue YoY. Despite ongoing geopolitical tensions affecting market conditions, we're committed to seizing growth opportunities while staying flexible and adaptable in our approach.
Despite the challenging circumstances of geopolitical tensions, demand pressures, global supply chain disruptions, economic downturns, and high inflationary pressure, the Company has successfully retained cash and its customer base. Commenting on the Furthermore, it has maintained its debt-free status even after an increase in revenue and the completion of the first recent performance, Mr. Punit Makharia, phase of CAPEX, thanks to improved cash management and maintaining a lien -free investment of Rs. 95.3 crores. Chairman and Managing In summary, although our financials show some mixed results, we're dedicated to overcoming challenges and making Director said: the most of opportunities to ensure continued growth.
Q3and 9MFY24Consolidated Financial Highlights
Revenue
14%
174.6
153.7
EBITDA and EBITDA Margins
PAT and PAT Margins
INR in Crores
6%
49%
14.0
13.1
8.5%
8.0%
7.6
4.3%
5.1
3.3%
Q3 FY23
Q3 FY24
7.5% Q3 FY23
8.0
Q3 FY24
Q3 FY23
Q3 FY24
6%
535.4
503.7
(13)%
48.0
41.9
(2)%
24.4
24.0
9.5%
7.8%
4.8%
4.4%
9M FY23
9M FY24
9M FY23
9M FY24
9M FY23
9M FY24
Q3and 9MFY24Consolidated Operational Highlights
Chemicals
45%
15,875
10,969
Fertilisers
10%
42,537
46,713
Sales in MT
Total
17%
62,588
53,506
Q3 FY23
Q3 FY24
7.5% Q3 FY23
8.0
Q3 FY24
Q3 FY23
Q3 FY24
31%
(2)%
4%
45,889
35,155
1,55,796
1,52,415
1,90,951
1,98,304
9M FY23
9M FY24
9M FY23
9M FY24
9M FY23
9M FY24
Q3and 9MFY24Consolidated Segmental Revenue
Chemicals
47%
Fertilisers
(17)%
108.6
80.0
66.0
153.7
73.7
INR in Crores
Total
14%
174.6
Q3 FY23
Q3 FY24
7.5% Q3 FY23
8.0
Q3 FY24
Q3 FY23
Q3 FY24
32%
290.1
220.5
(13)%
283.3
245.3
503.7
6%
535.4
9M FY23
9M FY24
9M FY23
9M FY24
9M FY23
9M FY24
Q3FY24Consolidated Profitand LossStatement
Profit & Loss Statement (Rs. in Cr)
Q3 FY24 Q3 FY23
Y-o-Y % Q2 FY24 Q-o-Q % 9M FY24
9M FY23
Y-o-Y %
Revenue from Operations
Cost of Materials Consumed
Changes in Inventories
Gross Profit
GP Margin %
Employee Benefits Expense
Other Expenses
EBITDA
EBITDA Margin %
Other Income
Depreciation and Amortisation Expense
EBIT
Finance Costs
PBT
Total Tax Expense
Profit for the year
PAT Margin %
174.6
109.2
6.4
59.1
153.7
104.5
(7.2)
56.3
33.8%
36.6%
12.4
32.7
14.0
8.0%
3.3
5.5
11.8
0.6
11.2
3.6
7.6
11.2
32.0
13.1
8.5%
2.4
4.9
10.6
0.4
10.2
5.1
5.1
4.3%
3.3%
13.7%
4.9%
6.2%
11.1%
9.8%
49.1%
185.2
123.0
(0.7)
62.9
34.0%
12.3
36.6
14.0
7.5%
2.9
5.4
11.4
0.2
11.2
2.7
8.5
4.5%
(5.7)%
(6.1)%
-
3.8%
0.4%
(9.7)%
535.4
344.5
8.9
181.9
34.0%
34.5
105.4
41.9
7.8%
8.1
16.3
33.7
1.3
32.4
8.4
24.0
503.7
325.3
0.5
177.9
35.3%
30.2
99.8
48.0
9.5%
5.9
13.6
40.3
1.3
39.1
14.6
24.4
6.3%
2.2%
(12.6)%
(16.4)%
(17.1)%
(1.8)%
4.5%
4.8%
Historical Consolidated Profit and LossStatement
Profit & Loss Statement (Rs. in Crs)
Revenue from Operations
Cost of Materials Consumed
Changes in Inventories
Gross Profit
GP Margin %
Employee Benefits Expense
Other Expenses
EBITDA
EBITDA Margin %
Other Income
Depreciation and Amortisation Expense
EBIT
Finance Costs
PBT
Total Tax Expense
Profit for the year
PAT Margin %
FY23
684.0
431.1
(0.1)
253.1
37.0%
42.4
142.3
68.4
10.0%
7.9
18.5
57.8
2.2
55.6
18.3
37.2
FY22
584.0
375.5
(17.7)
226.2
38.7%
38.2
108.3
79.7
13.6%
7.2
14.1
72.7
2.0
70.8
15.2
55.5
FY21
354.9
199.6
12.4
142.9
40.3%
27.0
72.7
43.2
FY20
346.3
209.6
4.8
131.9
38.1%
24.9
56.7
50.3
FY19
451.9
290.0
12.6
149.3
33.0%
30.1
52.1
67.1
FY18
395.3
295.9
(23.8)
123.2
31.2%
18.7
43.3
61.2
12.2%
14.5%
14.8%
15.5%
6.7
12.6
37.3
1.5
35.9
7.3
28.5
3.3
11.5
42.1
2.1
40.0
4.3
35.7
2.4
10.0
59.5
3.7
55.8
15.0
40.8
1.7
7.8
55.1
2.9
52.2
15.7
36.5
5.4%
9.5%
8.0%
10.3%
9.0%
9.2%
Historical Consolidated Profit and LossStatement
Rs. Crore
FY20
FY21
FY22
FY23
OCF / EBITDA (%)
150%
Long Term Debt
3.9
8.4
7.7
1.9
95%
66%
91%
Short Term Debt
45.1
45.4
80.6
63.3
Total Debt
49.0
53.8
88.3
65.1
FY20
FY21
FY22
FY23
Cash & Investments
60.2
68.3
90.4
100.1
Capex (In Crores)
168
175
Net Debt / (Net Cash)
(11.3)
(14.6)
(2.1)
(35.0)
Total Equity
306.2
339.0
395.5
437.6
Total Debt / Equity (X)
0.16x
0.16x
0.22x
0.15x
102
55
Operating Cash Flows
75.6
46.0
53.0
62.0
FY20
FY21
FY22
FY23
ShreePushkar: Growth & Strategic Strengths
Capacity Build Up (MTPA)
FY20: 3,06,260
FY23: 7,17,660
14,060
40,000
21,460
1,06,000
Complete Backward a n d Forward Integration
Zero Waste C o m p a n y
Sustainable Backbone
2,52,200
5,90,200
Chemicals
Acids
Fertilisers
Net Cash Company + In-house Funding of Capex plans + Non-Lien Deposits of Rs. 95.3 crs
A m o n g top Indian SSP manufacturers
Strategic state Presence and supplier proximity
14 offices nation- wide serving fertilisers and crop protection markets
Direct Marketing via 6 0 0 + dealers and own distribution channels
Strategically located manufacturing units for optimal logistics and control
Multi-location Manufacturing facilities for efficient supplies
Shree Pushkar Chemicals & Fertilisers at a Glance
Acid Complex
Fertilisers
Dye Intermediates
Compound capable of neutralizing alkalis
Single product in 2001 to over 10 products now
Animal Health and Nutrition
Dye stuff
Own established brand of Reactive Dyes
Details
Active acid reagent typically used for Sulphonation reaction
The portfolio includes over 15 distinct grades of fertilizers
Wide portfolio under one roof
Feed additive for livestock and domestic fowls, supplementing phosphorus and calcium needs.
One of the leading manufacturers of reactive dyes primarily
Products Portfolio
• Specialty Dyes
• Single Super
Phosphate (SSP)
• Soil Conditioner • Nitrogen Phosphorus Potassium (NPK) • Sulphate Of Potash
• K- Acid • Gamma Acid • R-Salt • Vinyl Sulphone • Meta Ureido Aniline • H- Acid
• Animal Health
Nutrition supplement feed
• Sulphuric Acid • Oleum • Chloro Sulphonic Acid
(CSA)
End Customers
Used for Dying of Textile / Yarns commonly cellulosic material
Agriculture
Manufacturers of Synthetic Dyes
Used by Cattle & Poultry Feed manufacturers
Dyeing of textiles, particularly for cellulosic fibers (cotton, flax, and wool)
Comprehensive Manufacturing Facilities Overview
Strategically Located Manufacturing Units for Growing Markets
KPPL
MBPPL
2
1
Solar Power Plant
1,2,3, 4, 5 and 6
SPCFL
SPFCL Target Market
KPPL Target Market MBPPL Target Market
Unit 1: Ratnagiri, Maharashtra
Unit 4: Ratnagiri, Maharashtra
MBPPL Unit 1:Deewanganj, M.P.
Unit 2: Ratnagiri, Maharashtra
Unit 5: Ratnagiri, Maharashtra
MBPPL Unit 2: Meghnagar, M.P.
Unit 3: Ratnagiri, Maharashtra
Solar Power Plant Ahmednagar, Maharashtra
KKPL Unit, Hissar Haryana
The site development for Unit 6 in Ratnagiri, Maharashtra has commenced
Disclaimer : Map not to scale. All data, information and maps are provided “as is” without warranty or any representation of accuracy, timeliness or completeness
Unit 6: Ratnagiri, Maharashtra
Evolution and Milestones: 1993 to 2023
1993
2010
2011
2019
2021
Onwards
1993
2001
2002
2010
Commenced Trading: Imported chemical products and dye intermediates
Dye Intermediate: Shifted focus from trading to manufacturing
Backward Integration: Started manufacturing in-house raw materials and gained cost efficiencies
LaunchedAcid Complex: Initiated self-sustained capacity generation
2021
2022
2023
Expansion and Acquisition: • 100% Equity Acquisition of
Madhya Bharat Phosphate Pvt Ltd
• Commenced production of A.H.N.F new plant at Madhya Bharat Phosphate Pvt Ltd unit 2 at Madhya Pradesh
Expansion: Expanded the Unit V facility and initiated a pioneering solar project
Plant Commissioned: • Launched operations at the Deewanganj plant of MBPPL
•
. Completed setting up of additional capacity of 32000 MTPAin KPPL
2011
2015
2016
2017
2018
2019
Manufacturing SSPand Solid Conditioner: Used in-house Acid thereby reducing effluents Financial Recognition: Listed on NSE and BSE
Forward Integration: Entered dyestuff manufacturing
Diversification in Products: • Expanded the product portfolio, beginning
with SOP
• 100% Equity Acquisition of Kisan
Phosphates Pvt Ltd
Brand Expansion: Launched DYECOL, a range of Reactive Dyes
Strategic Infrastructure Investments at KPPL: Installed sulphuric acid and captive power plants utilizing a waste heat boiler and commissioned a 200 TPD granulation plant
Strategic Investment
Capex Summary (₹ in Crores) - Completed
Facility
Location
Division
Capex Completed
Status
Rationale
SPCFL Revamp Unit 1
Ratnagiri, Maharashtra
Chemicals Vertical
MBPPL Unit 1 & 2
Meghnagar and Deewanganj, Madhya Pradesh
SPCFL – Solar Power plant of 5.2 MWDC
Ahmednagar, Maharashtra
Fertilisers Vertical
Captive Power Consumption 13
5
28
21
Completed Q2FY21
Capacity Expansion
Completed Q4FY21
Completed Q1FY23
Diversification and Capacity Expansion
Under ‘Open access scheme’ for Unit 1 and 5
SPCFL Unit 5
Ratnagiri, Maharashtra
Chemicals Vertical
120
Completed Q1FY24
Capacity Expansion
SPFCL Capex
MBPPL Capex
Capex Status complete
Completed Capex of INR 174 Cr. to expand existing capacities, widen product portfolio and forward / backward integration
Electricity generation commissioned in FY22 for two solar projects of 2.60 MW_DC each (Total 5.2 MW_DC) which was meant for Unit I and Unit V.
All Capex is funded through internal accruals
Strategic Investment
Capex Summary (₹ in Crores) - Ongoing
Facility
Location
Division
Planned Capex
Capex Incurred
Status
Rationale
SPCFL Unit 5
SPCFL Unit 4 and 6
Ratnagiri, Maharashtra
Ratnagiri, Maharashtra
Chemicals Vertical
105.5
9.8
Ongoing
Fertilisers Vertical
70
5.0
Ongoing
Solar Power Plant of 3.8 MWDC
Ahmednagar, Maharashtra
Captive Power Consumption
21
9.7
Ongoing
14
MBPPL
Madhya Pradesh
Fertilisers Vertical
18.5
5.3
Ongoing
Capacity Expansion
Capacity Expansion
Under ‘Open access scheme’ for Unit
Capacity Expansion
SPFCL Capex
MBPPL Capex
Capex Status complete
Capex of INR 215 Cr. to expand existing capacities, widen product portfolio and forward / backward integration
The combined solar power plants capacity of 5.2 MW_DC (existing) and 3.8 MW_DC (upcoming) will result in a total capacity of 9 MW_DC of electricity for the units located in Ratnagiri, Maharashtra
Majority of financing will be made through inter accruals and Preferential issue to Promoter
Sustainability at its Core
We place sustainability high on our agenda as it isan integral part of our business strategy
8% Female employees in FY23
100% Employees are covered with health and accident insurance
100%Employees Were given safety and skill up-gradation training
NoAccidents Reported in FY23
5,190,041KVAH Renewable Electricity generated by solar plant in FY23
Rs50.42Lakhs Spend on R&D for develop- ing sustainable products in FY22 and FY23
Rs101.74 Lakhs Spent on CSR activities in FY23
Zero Penalties, punishment or compounding of offences in FY23
Board of Directors
A
C
R
C
N
S
R
Mr. Punit Makharia Chairman and Managing Director
Mr. Gautam Makharia Joint Managing Director
Mr. Ramakant Nayak Non-Executive Director
A
N
S
N
S
C
A
R
Mr. Ishtiaq Ali Independent Director
Mr. Satpal Kumar Arora Independent Director
Mrs. Barkharani Nevatia Independent Director
Audit Committee
Corporate Social Responsibility Committee
Risk M a n a g e m e n t Committee
Nomination a n d Remuneration Committee
Stakeholder's Relationship Committee
SafeHarbour
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Shree Pushkar Chemicals & Fertilisers Limited (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on infor- mation and data which the Company considers reliable, but the Com- pany makes no representation or warranty, express or implied, whatso- ever, and no reliance shall be placed on the truth, accuracy, complete- ness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s implementation, changes and advancements, ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking infor- mation contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
All Maps used in the Presentation are not to scale. All data, information and maps are provided "as is" without warranty or any representation of ac- curacy, timeliness or completeness.
SHREEPUSHKAR CHEMICALS &FERTILISERSLIMITED
BSE: 539334 NSE: SHREEPUSHK CIN: L24100MH1993PLC071376
www.shreepushkar.com
COMPLIANCE OFFICER &COMPANY SECRETARY
Mr. Nitesh Pangle
cosec@shreepushkar.com
INVESTOR RELATION ADVISORS CHURCHGATE PARTNERS
Rajiv Pandya / Paresh Rohra
shreepushkar@churchgatepartners.com